To guaranteed the stability of foreign exchange market in the face of fresh hikes in import tariffs slammed on a number of nations including Nigeria by United States’ president Donald Trump, Central Bank enables forex market activity with provision of$197.71 million through sales to authorized dealers.
The bank reaffirms commitment to continuous monitoring of both domestic and global market conditions just as it expressed confidence in the resilience of Nigeria’s foreign exchange framework designed to adjust appropriately to evolving fundamentals.
A statement issued on Saturday by Director, financial market department, Dr. Omolara Omotunde Duke , the bank enjoined all authorized dealers, to adhere strictly to the principles outlined in the Nigeria FX market code and to uphold the highest standards in their dealings with clients and market counterparties.
Fresh hikes in import tariffs slammed on a number of nations, including Nigeria by the United States is taking tolls on foreign exchange market.
The tariff is a reflection of broader global macroeconomic shifts currently affecting several emerging market and developing economies, Central Bank of Nigeria clarifies in a statement .
Part of CBN statement reads:” The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging market and developing economies.
“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets. Crude oil prices have also weakened – declining by over 12% to approximately US$65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria”, CBN said.
In a recent time, the United States’ president, Donald Trump announced a series of import tariffs on imported goods entering the USA. Nigeria and Africa nations are amongst the countries slammed with high import tariffs on Wednesday.
Responding to tarrif hike, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, raised concerns warning that the move poses a “significant risk” to the global economy.
In a brief statement released on Friday , Georgieva said that the Fund is currently assessing the macroeconomic implications of the tariff measures.
“We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook at a time of sluggish growth. It is important to avoid steps that could further harm the world economy,” she said.
Georgieva urged the United States and its trading partners to work constructively toward resolving trade tensions and reducing uncertainty in the global market.
“We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty,” she added.
The World Trade Organization has also, expressed concerns.The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala warned that new tariffs announced by the United States along with those introduced at the start of the year could lead to a contraction of around one percent in global merchandise trade volumes in 2025.
“I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade,” Reuters quoted Okonjo-Iweala to have said in a statement.
